Solar Financing
Solar Financing
Solar panels are {a great|an excellent|a fantastic} {way|option|method} {to save money,|for saving money. They can also|you can save cash,} {reduce|decrease|lower} {your carbon footprint,|the carbon footprint of your home,|your carbon footprint} and {increase|boost|improve} {the value of your home|property value|worth of the home you live in}. {After you have decided|Once you’ve decided|If you’ve made the decision} {that solar panels are|the solar panel is|you want solar power} {for|the right choice for|right for} {you, you will need|you, you’ll need|your needs, you’ll have} to {figure out how to|determine how to|determine how you will} pay {them|for them}. We’ll {show you how to|help you|guide you on how to} pay {cash, take out|in cash, sign|in cash, get} {a lease or apply for|an agreement to lease them or even apply for|the lease, or request} {a personal loan|personal loans}.
What is a Solar panel loan?
Solar panels harness{ the|} {sun’s energy to produce|sun’s energy to generate|sunlight’s energy to create} electricity. Solar panels are {installed|put in place|used} {by homeowners|on homes by people|in homes} for two {main|primary|major} {reasons: to reduce|motives: to lower|reasons: to cut down on} {their electric bills and to|their electricity bills as well as to|the cost of electricity and} {help reduce greenhouse gasses|aid in reducing greenhouse gases|reduce greenhouse gases}.
Solar panel financing {is designed for|is designed to help|allows} homeowners to {get the money|obtain the funds|access the funds} {they need to buy|they require to purchase|needed to purchase} {a solar panel system|solar panels|an array of solar panels}. Solar panel loans {allow|enable|permit} {homeowners to finance the installation of solar panels over|owners to pay for the solar panel installation over|people to fund the construction of solar panels for} {several|a period of|many} years{ rather than|, rather than| instead of} {having to pay|paying|having to fund the installation} {out of their own pockets|out of their pockets|from their own pocket}.
Savings
Solar panels {can save the|could save the|can save an} average American family {more than|over|around} \$1,400 {annually in electricity costs|per year in electricity bills|annually in electric bills}. {Although homeowners can save significant|While homeowners can save substantial|Even though homeowners can save significant} {money, there is|cost, they will have to pay|cash, there’s} {a large upfront cost|an upfront expense of a significant amount|an initial cost of about $2,000}. This is {where a loan from the|why a loan from|the reason why a loan from} Shneyder Solar can help. The{ average|| typical} cost of {solar installation|installing solar panels|solar installations} for a {home with|house of|home of} an {average size in the|area of average in the|estimated size of} U.S. is between $11,144 {to $14,696 according to|to $14,696 as per|up to $14,696 according the} Shneyder Solar. {The total cost of|Costs for|It is estimated that the total price of} solar {equipment|power|technology} {can be reduced by|is reduced through|can be reduced with} tax {incentive programs|incentives}{, which we’ll discuss| that we’ll talk about| which we’ll look at} {later|in the future}.
Personal {loans|credit}
{You can check|Check out|You can look up} Shneyder Solar, the {best|most affordable|most reliable} personal {loans and rates for financing|loans and rates to finance|loan rates and loans for financing} solar panels {today|right now|now}. {You can also find information|There is also information|Find out more} {about credit|regarding credit|about the credit} requirements{,| and| as well as} {loan amounts,|the loan amount,|loans, loan} {terms, and other details|conditions, and more|terms, and more} {from|on|in the information provided by} Shneyder Solar, our {favorite personal loan lenders|preferred personal loan lender|most trusted personal loan lenders}.
A personal loan {is a good|is an excellent|can be a great} {option if you are|alternative if you’re|option for those} {looking for a loan to|seeking a loan for|searching for a loan to} solar. Personal loans {are available in many|are available in a variety of|come in a variety of} sizes{, and offer| and come with| and provide} attractive {terms and low interest rates|rates and terms|conditions and low rates} {to borrowers with good|for borrowers with good|for those with excellent} credit.
There are two {types|kinds|kinds of personal loans}{: secured and unsecured personal| of personal loans: secured and unsecure| that are secured and unsecured personal} loans. Unsecured personal loans don’t require collateral. {Secured loans require|Secured loans need|The secured loans will require} collateral. Secured loans {tend to|typically|usually} {have a lower interest rate|have lower rates of interest|offer lower rates of interest} and monthly {payment because|payments because|payments due to the fact that} {the lender is|they are|lenders are well} aware{ that|} {you can fail to pay|you may not be able to make|it is possible to not pay} {your monthly payments and they|the monthly installments and|your monthly bills and} {can sell your collateral|may sell your collateral|could sell your collateral in order} {to recoup|to recover|in order to recover} their {losses|loss}.
How do you pay for going solar?
Your income{, credit score,| and credit score, your| or credit score, the} {location and how long|where you live and how long|area and the length of time} {the solar array will|your solar panel will|it will take for the array to}{ be|} {worth it all|worth the investment will|worthwhile will} determine {which financing option is best|the best financing option for you|the most suitable financing method}. {For expert and reliable advice|If you want expert advice and reliable information|For reliable and expert advice} {on financing solar panels,|regarding financing solar panels|on financing solar panels} {speak to|consult with|talk to} an expert. Each {option has its|choice has|method has} {pros and cons|advantages and disadvantages}. Each {will have an|has an|one will} {impact on how much|effect on the amount|impact on the amount} you {can save and|will save and also|save as well as} {how long it takes|the time it takes|how long it will take} {for solar panels to pay|to pay the solar panels|to pay solar panels} off.
{Although solar leases may|While solar leases might|Although solar leases} {have been popular in the past|be popular in past|were popular during the previous years}{,|} and {may have worked for|might have been a good option for|could have served} {your neighbor,|the neighbor you live next to, now|neighbors, today} you {may|could|might} {find|have|discover} {better|more suitable} financing {options|alternatives}. There are {many options available|a variety of options|numerous options} {in|within|through} Shneyder Solar for zero down solar financing.
There are two {types|kinds} of {residential solar financing options|financing options for residential solar}{: Direct Ownership or| Direct Ownership and| either Direct Ownership or} {Third Party Ownership|the Third Party Ownership|third party ownership}.
What credit score do I need to get a personal loan for solar panels?
Shneyder Solar will determine the minimum credit score {required|needed|that is required} {for personal loans|to get personal loan|in personal credit}. {To be approved|To be eligible|In order to be approved}{, your credit score must| your credit score needs to| your credit score must} be at {least|or above} 580. {High credit score borrowers are|Credit score-conscious borrowers are|A credit score of 580 or higher is} more likely to {be approved|qualify} for the {best|most favorable|highest} rates and {repayment terms|terms for repayment|terms of repayment}.
{You can|It is possible to|You may} {delay solar panel installation|put off solar panel installation|delay the installation of solar panels} for a {few|couple of} months. If {possible, you should|you can,|you are able,} {consider|think about|look into} {improving|increasing} {your credit score|the credit rating of your|your score on credit}. {Check your credit report for|Examine your credit report for|Review your credit report to find} {errors, pay off|mistakes, clear|mistakes, settle} {high interest|high-interest} {debt|credit|loans} (such {as credit card debt|like credit card loans|such as debt from credit cards}){, and establish| and build| and create} {a positive payment record|an excellent payment history|an outstanding payment record} by {paying|making sure you pay} your bills {on time|in time|promptly}.
{Apply for|Request|Get} personal loans for {people|those} {with bad credit|with poor credit scores|who have bad credit,} {if you don’t|If you don’t|in the event that you do not} {have the credit score|possess the score|already have the credit rating} {you need|you require|required} {but still want|but you still want|however you’d like} {to finance solar panels|financing solar panel|the financing of solar panels}. Your credit score {will reduce|will decrease|can reduce} {your chances of being denied|the chances of you being denied|the chance of being refused} {a|the|an} loan. You’ll be able {to make|to pay|make}{ the|| your} monthly {payments on|installments on|payments for} the loan {that you choose|you select|you decide to take} without {worrying|being concerned|stressing} {about your credit score|over your score|regarding your credit rating}.
If {you have great credit|you have excellent credit|you’re a credit-worthy person}{, personal loans will be| personal loans are} {available with very|offered at very|readily available at extremely} {competitive|affordable|attractive} interest rates. {Low interest rates|The low interest rates|A low interest rate} {can help you save|could save you|will allow you to save} {hundreds of dollars over|thousands of dollars during|many hundreds over} {your|the} {loan term|duration of loan|period of repayment}. {Even a small|A small amount of|Just a tiny} {difference of 1% can|variation of 1% could|change of just 1% could} {mean significant savings|be a significant saving|result in significant savings}. To {maximize your|get the most|make the most of your} savings, {look out|search|you should look} for {low-interest personal loans|personal loans with low interest rates} {that are|which are readily|which are} {available|accessible}.
Other loans for solar panel financing options
{Solar panels can be|The solar panels are|They can also be} {funded|financed|paid for} {with personal loans, but|by personal loans, but|through personal loans, however} {that’s not all|this isn’t all|it’s not the only option}. These are {just|only} {a few of the other|some of the many|one of the} {options available|ways|possibilities} {to finance solar panels|for financing solar panel|in financing solar panels}.
{Loan from the government|Government loan|A loan from the government}
Power Saver is {a|an} Federal Housing Administration program that {helps homeowners save|assists homeowners in saving|aids homeowners to save} energy {by offering|through|by providing} loans {for a wide range|that cover a variety|to finance a range} of {technologies|technology}. {Two options are available|Two options are offered|There are two options available to homeowners} {in this program that offer|under this program, which offer|within this program that provide} {large enough loans to|sufficient loans to|adequate loans that can} {fully|completely} finance {solar panel financing|financing for solar panels|financing of solar panels}{:| such as| The program includes} {the|The|Power Saver Energy Rehab 203(k), Loan or} Power Saver Energy Rehab 203(k){, Loan or the| loan, or the| loan or} Power Saver Second Mortgage. {To qualify for this type|In order to be eligible for this type of loan|To be eligible for this type}{, borrowers will need to| the borrowers must|, applicants must} {meet certain qualifications, including|satisfy certain requirements, such as|be able to meet certain criteria, including} {a minimum|an acceptable|the minimum} {credit score|rating of credit|scores on credit} (660) and {a ratio of debt to|the ratio of debt to|an amount of debt per} income of 45{%| percent}.
- The Power Saver Second Mortgage {allows homeowners|lets homeowners get|permits homeowners to receive} {up to \$25,000 in|with up to \$25,000 of|who have up to \$25,000} second mortgages to {improve|increase|boost} {energy efficiency|the efficiency of their homes|efficiency in energy} {by installing solar panels|through the installation of solar panels|with solar panel installations}. {Homeowners cannot have|Homeowners must not have|The homeowner must not be a homeowner with} {a second|an additional|any second} mortgage{, home equity loan,| or home equity loan} or second lien{ in order|} to {be eligible|qualify} {for this program|to participate in this scheme|under this plan}. {Participants can repay the loan|The loan can be repaid|Participants are able to repay the loan} {for up to 20 years|in 20 or more years|within 20 years}.
- {For anyone who is buying|If you are buying|For those who are purchasing} {or refinancing their home|or refinancing their house|the home or refinancing it} and {would like|wants|wishes} {to include the cost of any|add the costs of|to cover the expense of} {upgrades|improvements|renovations} {in the new|to the} loan{, the| The| then the} 203(k) {loan|credit|mortgage} is {available|accessible}. {They can repay the debt|You can pay back the loan|The borrower can repay the loan} {for the full length|over the entire term|in full over the duration} {of the mortgage|of their mortgage|that the loan is in force}.
{These programs are popular because|They are popular due to the fact that|These loans are well-known because} they {offer|have|provide} {a lower interest rate|an interest rate that is lower|the lowest interest rates} than personal loans{, but|, however| but} {a longer repayment term|they also have a longer repayment period|the repayment time is longer}. FHA is {strict about what|very strict on what|very specific about how much} {you can spend so|you can afford, so|is allowed to be spent, which means} {you will likely stay within|you’ll likely stick to|it is likely that you’ll stay within} {your budget and only buy|your budget and purchase only|the limits of your budget, and only purchase} {what you need|the things you require|the items you really need}.
FHA {financing limitations apply|finance restrictions apply|financial limitations are in place}. {This means that you have|This means you need|That means you must} to {stay below the spending|keep your spending below the|remain within the spending} limit. {You may have|It is possible|It could be necessary} to replace {the|your} solar panels {if|when|in the event that} {you finance solar panels|the solar panel is financed|they are financed by solar panels} {over|for more than} 20 years. Shneyder Solar is familiar with these {programs|types of programs}. FHA {rules must also|rules must|regulations must also} be {followed|adhered to|observed}. This {can|could|may} {slow down the loan process|delay the loan process|make loan processing more difficult}.
Home equity loan
Home equity loans {allow|permit|let} you to {borrow money|take out loans|draw money} {from your equity|using your own equity in order|out of your home equity equity,} to {finance|fund} renewable energy. {A bank typically lends|Banks typically lend|The typical bank lends} up to 85{%| percent} of your equity {for|to fund} projects {like|such as|similar to} this. If your {home is valued|home is appraised|home’s value is} at $300,000. {but you owe only|however, you only owe|However, you are owed only} $200,000, {then you have|you’ll have|then you’ve got} {$100,000 equity|an equity of $100,000|the equity of $100,000}. The bank {will approve|will accept|can approve} {you for up to $85,000|the loan up to $80,000|your loan for as much as $85,000}. {A home equity loan|The home equity loans|An equity home loan} {for|to finance} solar panel installation {will allow|can allow|allows} you to {secure a good|get a favorable|obtain a competitive} {interest rate because your property|rate of interest because your home|rate of interest since your property} {is|can be} {used|utilized|being used} as collateral. The bank {can also repossess|may also take possession of|could also seize} {your property if you default|your home if you fail|the property in case you fall behind} {on payments|on your payments|in payments}.
Solar leasing
Technically{, this doesn’t require| speaking, this program doesn’t require|, this doesn’t need} {you to purchase|you to buy|the purchase of} {your own solar panels|the solar panel you want|an array of solar panels}. {This program lets you|The program allows you to|This program allows you to} {lease|rent|contract to lease} (or {rent|lease|hire}) solar panels. Solar panel companies {offer|provide} leasing {programs that require no|plans that do not require a|programs that don’t require} down {payment|amount|cost}. {You immediately benefit from the|The benefits are immediate|You will immediately reap the benefits of} {energy savings as the|savings in energy as|energy savings when the} Shneyder Solar installs your panels. {You will not be eligible|The panels will not qualify|They will not be eligible} {for tax credits or|to receive tax credits or|for tax credits , or} the {right to own|possibility of owning|rights to own} the panels. {Additionally, you will|In addition, you’ll|Also, you’ll} {miss out on|be unable to benefit from|not be eligible for} tax {savings and solar incentives|benefits and solar incentives|incentives and solar rebates}.
Taking Out a Solar Loan
You can {get|obtain|take out} {a loan from|an installment loan through|loans from} Shneyder Solar if you {don’t have enough cash|do not have enough money|aren’t able to pay the full amount} to {purchase your|buy your solar} system. {This solar financing company offers|The solar financing company provides|This solar financing firm offers} flexible loan {payment options to|payment options for|repayment options to} {customers who need to put|customers who require|those who have to put} {down cash upfront|up cash in advance|an initial deposit of cash}{, pay the loan off| or pay off the loan| and pay off the loan} {quickly, have poor|in a short time, have bad|promptly, have bad} credit{, or want|, or wish| or are looking} to save {more immediately|money immediately|money right away}. {A solar loan usually requires|Solar loans typically require|A solar loan typically requires} no {down payment, which makes|down payment, making|deposit, which makes} {them appealing|them attractive|the loans appealing} and practical.
Shneyder Solar will charge {you an additional cost|an additional fee|you an additional fee} to finance your {system,|system|solar system,} {just like a home mortgage|similar to a mortgage for your home|as a home mortgage} or auto loan {provider|company|service}. The {cost of|price of|amount you pay for} financing your system {will vary|will differ|can vary} {depending on|according to|dependent on} your credit score {and the|as well as the|and} {length of your|duration of the|time frame of your} loan.
{The interest rate is|Interest rates are|It is} {another|a different|an additional} cost {factor to consider|element to be considered|aspect to take into account} when {considering|contemplating|looking at} {a solar loan|solar loans}. {The annual percentage rate|Annual percentage rates|APR, or annual percentage rate} (APR) {is|refers to|represents} the {cost|price} of {additional monthly payments|monthly installments|extra monthly payments}. It {includes|covers|comprises} {both the interest rate and|both the interest rate as well as|the interest rate, as well as} other {fees|charges}. {Your monthly payment will increase|The monthly amount you pay will rise|Your monthly payments will increase} {due to the fixed APR|because of the fixed APR|due to the fixed rate}. {Make sure you|Be sure to|You should} {research all options before choosing|study all your options prior to deciding on|look into all options prior to choosing} the {best APR for financing|most suitable APR to finance|most favorable APR for financing} {solar|solar-powered} projects.
{Except for|With the exception of|Other than} PACE financing, {obtaining|getting} {a loan|loans|the loan} will {require a soft credit check|require a credit check|need a soft credit screening}. {A minimum credit score of 640|An average credit score of at least 640|The minimum score for credit is 640.} {is|points is} {required to be eligible|necessary to qualify|required to qualify} for {a solar loan|solar loans}.
{Other than a high|In addition to a good|Apart from a great} credit score, {you will|you’ll} {need to have|require} the following documents{ in order|} to be {eligible for|qualified for|in a position to get} {a loan from|an investment loan from|the loan offered by} {a solar company|the solar industry|an solar company}:
- To {determine the amount|calculate the amount|figure out the size} {of your loan,|you can borrow,|that you will be able to borrow} {you will|you’ll} {need to design your system|have to develop your plan|have to create your own system}.
- A loan application
- {Approval from your loan provider|The loan provider will approve your application.|Affirmation from your loan provider}
Shneyder Solar allows you to apply for a loan {and|to} finance your project {after|once} {you have received and selected|you have received and chosen|you’ve received and selected} {a bid from|an offer from|the bid of} {a|an|the} solar contractor.
Types of Solar Panel Loans
{Re-amortizing a term loan|Re-mortgaging a term loan|Re-amortizing a term-loan}
We {suggest that you use|recommend that you utilize|recommend using} {your|the|tax credits} Tax Credit to re-amortize your loan {once you have received|after you have received|when you receive} it. {Re-amortization will reduce|Remortization can reduce|Remortization will lower} your monthly {payments over|payment over|payments for} the {remainder of your|remaining|remainder of the} loan {term|period|duration}.
{Same as|Similar to} cash option
This {option will allow|option allows|will allow} you to {base your monthly payments|make your monthly payments|base your monthly payment} on 70{% of the loan| percent of the| percent of the loan’s} principal for the {first 12-18 month|first 12-18 months|initial 12-18 month}. This {will allow you to|allows you to|will let you} pay 30{% of the loan| percent of the| percent of the loan} principal {with the money that|using the funds|with the cash} {you have saved|you’ve saved|you’ve accumulated} {from your tax credit over|from tax credits over|by taking advantage of tax credits during} {the next grace period|your next grace time|this next period of grace}{ which|, which} {is usually|typically lasts|is typically} 12 months. {The homeowner can get|Homeowners can receive|The homeowner will receive} {a 30% discount on|30% off} {their first monthly payment with|the first installment of their monthly payments using|their first payment per month with} Same as {Cash|cash}.
Combo Loans
A Combo Loan {consists of|is made up of|comprises} two {parts|components}.
{The|It’s the|A} Bridge Loan. The {30% tax credit|tax credit of 30%} {toward your income taxes|towards your tax-free income|to your income tax} {for the year, since|for the year, as|during the year, because} you {purchased your solar system|bought your solar system|purchased your solar panel} {using|with|through} {a loan|the loan|loans}. A {combo loan will give|combination loan gives|combination loan allows} you between {12-18|12 and 18} months to {repay|pay back|pay off} 30{% of the loan| percent of the| percent of the loan’s} principal. {Your federal and state tax|Tax credits from the federal and state levels|The federal and state tax} {credits can be used to|credit can help|credits are able to be utilized to} {pay off|pay|repay} the {first part|initial portion|first portion} of {your|the} loan. {You will also receive|Additionally, you will receive|Also, you’ll be able to enjoy} lower interest rates {for the remainder|for the remaining portion|over the duration} of the {loan term|loan’s term|loan’s duration}. You {must be able|have to be able|will need} {to pay the initial 30% of|be able to cover the first 30%|for the 30% initial payment of} {your|the} loan {with|under|in accordance with} {the|your|those} Bridge Loan terms and the tax credits. {You may|It is possible to|You could} {have to pay out of|be required to pay out of|need to pay from your} {pocket or|the pocket or pay|pockets or at} high interest rates {if your income|if your earnings|in the event that your income} taxes {exceed your|are higher than your|exceed the} tax credit.
{The Net Solar Term Loan|A Net Solar Term Loan|This loan is called the Net Solar Term}. The remaining {term|period} of {your loan will allow|the loan will allow|your loan allows} you to {repay|pay back|pay} 70{%| percent} {of the principal|from the principle|on the amount of principal}.
Direct Ownership: Buying Solar Panels
Going {solar with cash|in the sun with money|solar using cash}
Cash is the {best|most effective}! Cash {payments are the best|is the most efficient|payments are the ideal} {way to save money|method to save money|option to reduce your expenses} and {get the highest return|earn the most|also get the best return} {on your investment|from your investments|for your money}. {This is the only|It is also the sole|The only} {way to get|method to obtain|way to receive} solar {power without|energy without paying|energy with no} {interest|the cost of interest|charges}.
{From the moment|When|As soon as} your solar {system is turned|system is switched|panel is turned} on, {it will produce|it will generate|it’ll generate} free energy{ and save you|, and also save you| and help you save} money. {Depending on the|Based on the|The} {size and|dimensions and the|dimension and} {type of|kind of|nature of the} solar panels you {choose|select|pick}{, the typical payback time| the payback period| the typical payback period} for {rooftop solar|solar panels on rooftops} {in|within|across} the United States can take between 4-8 years.
It is {easy to buy|simple to purchase|very easy to purchase} {a solar power plant with|solar power plants with|solar power plants using} cash{, as| since|, since} there {are no|aren’t any} third-party solar {financiers|finance companies}.
Shneyder Solar offers 4 {progress payments to|advance payments for|advances on} cash {purchases|purchase}:
- “Down {Payment/Deposit|Deposit or Payment|payment/deposit}” {- typically, $1,000|The typical amount is $1,000.|generally, $1,000} is due {at the time that|at the time|when} your {site visit is complete|visit to the site is completed|website visit is completed}
- “Due {upon Approval Of|after Approval of|on Approval of} Site Designs” {- $2,000 due after|$2,000 due once|$2,000 due when} you have {approved your ‘final|gotten your “final|received your final} {site design’ from|site design’ with|design’ of the site from} the installer
- “Due {upon|on} {Delivery of Materials|the delivery of materials|the Delivery of Materials}” {- 60%|60%|60% of the amount} is due {when|upon the day} equipment is delivered{ or the|, or on the| or on the} first day {after|following|following the} installation
- “Due {upon Final Building Inspection|on the day of the final building inspection|upon the Final Building Inspection}” {- The balance|The balance is|The balance} due {when your project passes|upon the completion of your project|once your project has passed} {city|the city’s} building inspection.
The benefits of owning solar
{Your solar system|The solar system you choose to install} will {provide you with more|give you more|offer you greater} savings {over the life|over the course|throughout the duration} of your {life|existence.}
{While your lifetime savings may|Although your savings over the course of time may|While the savings you earn over time could} {vary depending|differ based|depend} on {your energy consumption|the amount of energy you consume|your energy usage} and {your zip code|the zip code you live in}{, owning your solar system| having your own solar system| that is why owning your solar panel} is the {best option|most efficient option|best choice} for {customers who are|those who are|those} {interested in|looking to go|keen on} solar. {Renting from a third-party|A third-party rental|The option of renting from a third party} system {will yield higher|can result in higher|will result in greater} {savings if you own|returns if you have|saving if it is owned by} {your|the} system.
Solar ownership directly increases your home's value
{According to|As per the|Based on the} U.S. Department of Energy’s Lawrence Berkeley Labs, home-buyers will {pay \$4/Watt more|be charged \$4/Watt more|pay an extra \$4/Watt} {for solar panels|to install solar panels|in order to get solar panel}. {Your home’s value|The value of your home|Your home’s worth} {will be determined by the solar|is determined by solar|depends on the} panels{, which will| that will|, which} {provide free electricity for many|offer free electricity for a number of|give you free electricity for many} years. You {can still|are still able to|may still be able to} sell your {home even if|house even though} you’re {paying off|in the process of paying off|repaying} the loan. You {can transfer the loan to|could transfer the loan to|can transfer the loan} the tenant{ or repay| or pay back|, or repay} the {remaining loan amount|loan balance|remainder of the loan} {with the sale|through the sale|by selling the property}.
The Solar Investment Tax Credit is available to you
You must {meet|satisfy} the following {requirements to|conditions to|requirements in order to} be eligible for{ the|} tax credit{:|}
- You can {purchase your system|buy your system|purchase your equipment} {using a loan|by using a credit card|with a loan} or cash
- You {can pay income taxes|are able to pay taxes on income|can pay tax on income} {equal to or greater than|in excess of|that are greater than} 30{% of the system cost| percent of the cost of the system.| percent of the total cost for the system.}
It’s {that easy|as simple as that|that simple}! This is a {step by|step-by} {step guide to help you|procedure guide that will help you|process guide to help} {file for your|apply for the|to apply for your} {federal|Federal|tax credit under the federal} Solar Investment Tax Credit. The tax credit {equals|is|amounts to} 30{% of the total| percent of the total| percent of the} {cost of your|price of your|amount of the} solar system. The {total credit is taken|credit total is taken|entire credit is deducted} from your {personal income taxes|personal income tax|own income taxes} {in the year|at the time|during the year that} {your system starts|the system begins|your system is first put into} production. What happens if {you have|you pay|there are} {lower income taxes than your|lower taxes on your income than your|less income tax than the} tax credit? {The|It is possible that the|This} Solar Investment Tax Credit will {rollover to the next|be carried over to the following|carry over to the next} year{ if necessary, up|, if needed, up| if required,} to {a maximum of five years|5 years maximum|the maximum of five years}.
Solar Ownership Cons
One of the {downsides to|disadvantages of|drawbacks of} {owning your system, however|having your own system, however|the ownership of your system}{, is the responsibility| it is the responsibility| you are responsible} for {panel maintenance|maintenance of the panel|maintaining the panel}
Maintenance is {easy, thanks|simple, thanks|simple due} to the {simplicity|ease} {of solar systems|that solar panels offer|in solar system}. {A solar system has no|Solar panels do not have|Solar systems do not have} moving parts, {so it|which means it|and therefore} {requires little|needs minimal|requires minimal} or {no|any|even no} maintenance. {While your solar system might|Although your solar system may|While your solar panel may} {need to be cleaned up|require cleaning|need to be cleaned} {after dust or dirt collects|when dirt or dust accumulates|when dirt or dust build up}{, tilted panels can be| the panels that are tilted can be| on tilted panels, tilted panels are} easily cleaned {by|with} regular rain. {It will be|It is|It’s} your responsibility {for finding|to find|to make} {repairs if your panels are|solutions if your panels become|fixes if your panels are} damaged. Shneyder Solar offers a {strong warranty to protect|solid warranty that will protect|robust warranty that protects} {you against any unforeseeable|against unanticipated|your against all unpredictable} {damages|damage|harms}.
{You should|You must|It is important to} {monitor your energy production|be aware of your energy production,|keep track of your energy consumption} {if you own the system|when you own the system|in the event that you own the equipment}. {Every month, check|Each month, you should check|Every month, look at} your {electricity bill and|electric bill as well as|energy bill and} solar {production|power production|output}. If you {don’t check|don’t monitor|do not check} your system {regularly|on a regular basis|often}{, it may go unnoticed| you may not be aware of it| the system may be unnoticed} for {several months|a long time|months}.
What to look for when financing solar panels
{You may feel compelled|It is possible that you are compelled|There is a temptation} to {choose one type|select a specific type|select one kind} of {lender|loan|creditor} {when financing|for financing|to finance} solar panels. {Let|Allow|It is our goal to help} Shneyder Solar help you {to proceed with the purchase|in completing the purchase|to make the right choice when it comes to purchasing}. {An interest differential of just|A difference in interest of only|A small interest differential of} {one percent can make a|1 percent could make a|one percent could make all the} {difference in saving you|an impact on saving you|difference in saving} {thousands of dollars over|hundreds of dollars in|many thousands over} the {lifetime|life|duration} of {your|the} solar loan.
Here are some {things|points|tips} to {consider when|keep in mind when you are|think about when} {financing solar|you are financing solar|making a solar loan}.
- {Low interest rates|Lower interest rate|Interest rates are low}. Solar panels{ will|| can} {pay back faster if you|repay faster if you|pay off faster if} {pay less for your loan|make less payments on your loan|take out a loan with a lower cost}.
- {Repayment terms that|Terms for repayment that|The terms of repayment} are {attractive|appealing}. Personal {loan repayment terms|terms for loan repayment|loan terms} {that are attractive|that are appealing|which are attractive}. {Your monthly payments could|The monthly payment could|Your monthly payments may} be {too high if the|excessive if the|too high if your} {repayment term|duration of the repayment|timeframe for repayment} {is too long|exceeds the length of your loan|has been extended too far}. {You will pay more|There is a higher rate of|You’ll pay more for} interest if the {term|repayment term|period} {is too long|exceeds|will be too lengthy}. The shortest {possible loan term|loan term|term you can get} is {what you should be|the one you’re|the one you’ll be} {able to afford|capable of paying for|in a position to pay for}.
- Perks. {Solar power financing perks|Solar power financing benefits|The solar power financing benefits} {that are the best|that are top-of-the-line|which are most beneficial} include a lower {interest rate|rate of interest} {on autopay, easy|on autopay, quick|for autopay,} access {online to your|to} {loan information and unemployment protection|loan details, and protection from unemployment|loan’s information, and unemployment insurance}.
Is solar panel financing right for me?
{After you sign|Once you have signed|When you sign} the {contract for solar power|solar power contract} {financing|finance|funding} {with|through|by} Shneyder Solar, you {will be eligible to receive|are eligible for|will be eligible for} {a federal tax credit|an income tax credit from the federal government}. You {may be|could be|may also be} {eligible for tax incentives from|qualified for tax incentives from|eligible for tax incentives offered by} the {state or local|local or state} government, {depending|based} {on your location|on the location you live in|upon your location}.
{Federal solar tax credit, also|The Federal Solar Tax Credit, commonly|Federal tax credits for solar, often} {known|referred to} {as the|by the term|as an} {investment|ITC, or investment|Investment} credit (ITC){, allows| provides| offers} {26% deduction|26% deductibility|the deduction of 26%} from {your federal taxes for|federal taxation for|federal taxes to cover} the {cost|price} of your solar {system|panel}. The incentive {will be reduced|will decrease|is set to be cut} to 22% {by 2023,|by 2023|in 2023} and {it will expire|will end|it expires} {in 2024 for residential installations|at the end of 2024, for installations that are residential|after 2024 on residential systems}. {However, if you have|If you’ve got|If, however, you have} {a $12,000 system installed|an installation of $12,000|installed a $12,000 system} this year{,|} the {federal tax credit|tax credit for federal taxpayers|tax credit from the federal government} {will be $3120|is $3120|would be 3120} ($12,000 {x|multiplied by|divided by} 0.26 {=|equals|is} 3,120).
{It is a major|It’s a big|It’s a significant} {decision to finance|choice to finance|decision to fund} {a purchase|the purchase|an investment}. {Consider your monthly budget,|Take a look at your budget for the month,|Think about your monthly budget} and {how much you can|the amount you could|how much you will} {save on total costs|reduce your total expenses|reduce the total cost} to {determine if a solar|decide if a solar|determine if a solar-powered} loan is {right|the right choice|the best option} for you. {You can use pencil|It is possible to use pencils|You can utilize pencils} and paper to {calculate|determine|estimate} the{ actual|| exact} {cost of the loan after|price of the loan, after|cost of the loan} {taking into account|considering|accounting for} tax credits {and lower utility|as well as lower utility|and lower electricity} {bills|costs}. There aren’t many {home improvements|home improvement projects|improvements to your home} {that can help the environment|that are environmentally friendly|which can benefit the environment}{, reduce our dependence| and reduce our dependency| decrease our dependence} {on fossil fuels and increase|on fossil fuels , and boost|of fossil fuels, and improve} the {property’s value|value of your property|value of the home}. {It is worth looking into|It’s worth considering|It’s worthwhile to look into} {solar power financing|the financing of solar energy|finance for solar panels}.
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